Predicting house prices is a notoriously dangerous game, says Pennells.
While it’s possible they could go down, we don’t build as many houses and flats as we need and haven’t done so for a number of years, she says.
“It takes quite a major event, such as a financial crash, for those prices to come down across the board,” she adds.
“What happens to house prices in one city or town is not the same as what happens elsewhere, and the same with certain types of property.
“They come in and out of fashion, so I would say it is possible, depending on what happens with the economy and the economic growth, that we may see some sort of changes in house prices.
“But I would be surprised if we’re going to see an across-the-board fall in house prices.”
